Trading
FXall posts record daily volumes in October
NEW YORK – Multibank platform FXall last month reported record volumes at $64 billion in a single day, on Tuesday October 31.
European banks down in Q3
ZURICH, FRANKFURT & AMSTERDAM – European FX results were down for the third quarter, with only Credit Suisse managing to beat last year's figures.
Banks build forex in Asia
JAKARTA & SINGAPORE – There have been senior moves at major banks in the Asia-Pacific region this week, as banks look to boost their teams in the region.
US banks report profits down in third quarter
NEW YORK & CHARLOTTE, N CAROLINA – Citigroup, Morgan Stanley and Bank of America released positive earnings reports for the third quarter, but all failed to profit from their FX businesses.
Hedging ahead of takeover activity
Stephane Knauf, Global Head of FX Structuring at Citigroup in New York, proposes deal-contingent forwards and options to hedge risks ahead of a potential cross-border acquisition
London lords it over continental rivals
London remains the heart and soul of the foreign exchange industry, with its position as the global financial capital of the world confirmed by a report published by International Financial Services, a London-based research firm.
Confidence in dollar resilience growing
Bank of America's (BoA) confidence in the greenback retaining value over the past couple of months is starting to spread to other banks.
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
London's forex share continues to increase
LONDON – The UK continues to be the centre for foreign exchange, accounting for nearly a third of global foreign exchange turnover, according to research released last week.
Banks are ignoring Mifid threat, says Celent
BRUSSELS – The forex industry will be beset by law suits and regulatory action if it continues to ignore the Mifid directive coming into force next year, according to a research consultancy.
Headwinds are set to hinder the rand
Razia Khan, senior economist at Standard Chartered in London says the fundamentals for the rand are not supportive despite a recent rally
China bans pricing in offshore NDF market
BEIJING – Chinese officials last week banned local banks from quoting prices in the offshore non-deliverable forwards (NDF) market in an effort to boost trading onshore, said analysts.
GFT adds seven new currency pairs; range now totals 64
ADA, MICHIGAN – Global Forex Trading (GFT) last week announced the addition of seven new currency pairs to its list of tradable currencies.
WestLB expands its commodities desk
Düsseldorf – WestLB is establishing a new multi-product commodities trading desk in Düsseldorf that will cater to domestic and global clients.
Sharia forex hedges take off
KUALA LUMPUR & DUBAI – The market for sharia-compliant forex hedges continues to grow, with Citigroup structuring the first cross-border sharia-compliant cross-currency profit rate swap worth $230 million.
How to play gravity-defying USD/JPY
Peter Luxton, Global Markets Adviser and Shant Movsesian, Senior Options Analyst at Informa Global Markets advise taking dollar bulls into account when trading on potential weakness
You can judge a book by its cover
Market participants of all shapes have access to a bewildering choice of platforms on which they can transact their FX business. There is a huge financial gap between the multi-billion dollar hedge fund and the hobby investor who wants to trade with a…
FXMarketSpace ups ante
LONDON – Twenty banks have committed to becoming clearing prime brokers on the FXMarketSpace platform, a senior official at the CME/Reuters venture told FX Week .
Big banks prepare for retail FX push
SINGAPORE – Major banks are about to enter the online retail FX trading market-place "with a vengeance", said Brian Maccaba, chairman of FX dealing platform vendor Cognotec.
Yen set to stage a comeback next year
The yen is to stage a comeback next year as fundamentals gain more precedence, predicts Adrian Schmidt, senior FX strategist at the Royal Bank of Scotland (RBS) in London.
Keep it simple, says e-FX trading panel at conference
SINGAPORE – 'Bells and whistles' are an annoying distraction on e-FX platforms according to Christopher Brandon, managing director of London-based $200 million hedge fund Rhicon Currency Management.
Merrill Lynch bucks downward Q3 trend
NEW YORK & CHARLOTTE, N CAROLINA – JP Morgan and Wachovia saw falls in earnings from divisions encompassing FX in the third quarter of this year, while Merrill Lynch bucked the trend with profits up more than a quarter.
FXMarketSpace ups ante
LONDON – Twenty banks have committed to becoming clearing prime brokers on the FXMarketSpace platform, a senior official at the CME/Reuters venture told FX Week.
Flextrade to launch block trading platform
NEW YORK – Trading technology vendor Flextrade plans to launch the first block FX trading platform for the sell-side and buy-side next month, FX Week has learned.